Coinbase Shares Plummet 14.1% on Decline in Core Revenue

Coinbase shares fell by 14.1% to $140.48 in early trading following the company's Q3 results, which highlighted a significant decline in core revenue.

The platform reported that services accounted for 48% of net revenue, marking a 5% decrease from Q1. Initial third-quarter calculations show a decline in core revenue, with adjusted expenses remaining unchanged.

Coinbase CEO Brian Armstrong stated the company was 'no longer a bet just on the price of Bitcoin,' but quarterly figures partly back this up as non-Bitcoin spot activities accounted for 88% of net revenue. However, many of these areas remain influenced by cryptocurrency prices and interest rates.